Can Laredo Petroleum Inc(LPI), BreitBurn Energy Partners L.P.(BBEP) and Pioneer Natural Resources(PXD) Make Gains In The Face Of Further Downward Oil Pressure?
New York, NY – GDP INSIDER – 03/16/2015.
This article discusses three companies: Laredo Petroleum Inc(NYSE:LPI), BreitBurn Energy Partners L.P.(NASDAQ:BBEP) and Pioneer Natural Resources(NYSE:PXD)
Laredo Petroleum Inc(NYSE:LPI) dropped sharply to $10.30 at the start of trading on Friday before recovering during the day to close up 0.99% or $0.11 at $11.18 on higher than average trading of 8.794 million shares, compared to its three month average trading volume of 5.904 million. Like most companies in the oil sector, Laredo Petroleum Inc’s share value is struggling as oil prices continue to spiral downwards, further fuelled by an International Energy Agency report released on Friday that stated that the global oil oversupply in increasing, making this a hold at best for now.
BreitBurn Energy Partners L.P.(NASDAQ:BBEP) continued its downward trend on Friday with the stock losing another 2.05% or $0.13 to close at $6.20 on much lower than average trading volume of 2.222 million shares. The oil and gas exploitation and development company had been outperforming the S&P 500 since the beginning of February, but the continuing downward drag of oil has now made the stock lose 11.42% YTD compared to the S&P 500 which is only down 0.27% so far this year. Until oil prices pick up better to sell for now.
Pioneer Natural Resources(NYSE:PXD) the independent oil and gas exploration and production company closed down 0.89% or $1.37 at $154.64 on Friday with 2.402 million shares changing hands, compared to its three month average trading volume of 2.360 million. The shares have not been doing too badly this year up 3.89% YTD which is about average for the sector and have managed to avoid the double digit losses of many oil focused companies. With converging MACD and RSI of 49.58 the stock could go either way making it a hold for now rather than a buy.
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